BOOM: Magic Johnson Loans $100 Million To Minority Owned Businesses

Magic Johnson, who helped the Los Angeles Lakers win five NBA titles through the 1980s and former National Basketball Association, is in action to help the small urban businesses succeed during the pandemic. He says they need the money more so than ever to keep their bills paid and pay their employees.

He has set up $100 million dollar loans to minority and women-owned companies because they have been left out due to not having enough relationships with banks.

He's such a genuine person and really wants to help look out for these families.

“This will allow them to keep their employees and keep their doors open,” Johnson told CNBC’s “Squawk Box” on Tuesday.

Congress set aside $349 billion for PPP funds in April as part of a $2 trillion stimulus package, but the money depleted quickly, forcing another round of aid. New funds include $60 billion set aside for small businesses.

But even with new money available, African-American and Latino-owned businesses have been left out of the new PPP funds due to a lack of relationships with bigger banks. Democratic lawmakers including Sen. Kamala Harris of California have even called on the SBA and Treasury Department to ensure minority-owned businesses are not shut out of aid.

Johnson stated: “We have to remember that these businesses have been in urban communities for a long time. They’ve been doing great things, and they probably didn’t have a relationship with the banks when the stimulus package went out. So now, we’re able to say, ‘Hey, you can have a relationship with us.’”

“Financially, this has really hurt our community as well as health-wise it’s hurt our community, too,”

Very typical for Blacks and other minorities to ONLY assist those of their own racial groups. Besides the help that our “White” government gives to minorities and minority owned businesses, (that is NOT provided ONLY TO the MAJORITY owned businesses) the minorities get additional help that is solely racially driven. This of course is the very definition of RACISM, but is completely ok for the RACISTS who promote and benefit from it. Maybe it is time for Whites to ONLY help other Whites, if our various minorities only help themselves? Maybe our various ethnic, racial, gender, and religious minorities would… Read more »

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16 days ago

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joe

we are the fools. we support those racists by going to their basketball games etc.I wathced enough basketball to also know that the refs are biased as well.